If you want to make a family transfer of property or any other valuable asset, you will need legal help in drafting agreements and conducting a seamless transfer. Cube Law helps you with such family transfers and guides you throughout the process.
People may transfer real estate properties and other assets to their family members for several reasons. They may want to make their loved ones joint property owners. They may also want to gift their family members valuable assets. People also create family trusts and transfer their assets to these trusts, which benefit their loved ones.
Whatever the case may be, our property lawyers at Cube Law will help you make the transfer legally and efficiently. They will help you draft the necessary documents, inform relevant parties, and help you with dispute resolution if a property-related issue arises.
Our family transfer lawyer in Surrey will start the process with a detailed and personalized consultation. This is when we will brief you about the legal requirements for gifting a house in BC, the rules you should follow to transfer your property into a trust, or the steps to transfer your property as per your requirements. Our lawyer will understand your preferences and circumstances before offering customized advice.
Our property transfer lawyer in BC will also review multiple documents based on your case. For example, if you are planning to transfer a portion of your property to your ex-spouse after divorce, they will review the divorce agreement. They will also review contracts like your mortgage agreement, purchase/sale contract, etc., to guide you with the transfer.
After gathering your requirements and analyzing your situation, we will prepare the necessary transfer documents. The most common property transfer documents include:
You may incur Property Transfer Tax (PTT) and other financial obligations by transferring a property to a family member in BC. Wherever possible, our family transfer lawyer in Surrey will inform you about the taxes payable and potential exemptions.
Our legal professionals will mainly advise you on:
After preparing your documents and advising you on tax implications, we will file your property transfer with the BC Land Title Office. We manage the entire filing process on your behalf, meticulously following every step.
Family transfer of property is often done as a gifting gesture. People also conduct these transfers to make their immediate family members joint owners (especially after marriages or the birth of children).
Our property lawyers in BC help you prepare the documents you need to conduct family transfers. For example, if you want to gift a property to a family member, you will need a gift deed. Our lawyers also represent you in court and resolve your property-related issues if they come your way.
Yes, you will be liable to pay property transfer tax and capital gains tax after making a family transfer of property. There are also certain exemptions and tax benefits under specific circumstances. Consult your property lawyer in BC for more details about these benefits.
What is Family Transfer?
The term “Family Transfer” refers to the process of transferring ownership of an asset, in this case Real Property, between the members of the same family. Alternatively, the transfer can be made to a trust solely for the benefit of the Owner and/or their immediate Family. Ownership may also be transferred to a partnership or a limited liability company, as long as the partners or shareholders are restricted to the Owner and their Immediate Family, and they all comply with the agreement’s terms. For clarification, “Immediate Family” usually includes the spouse, children, grandchildren, adopted children, stepchildren, and grandchildren.
Why do you need it?
Transferring real estate to a family member can be motivated by several reasons, such as making a spouse a joint owner of a property that was previously owned by one partner, or a parent gifting part or all of a property to their child. It is crucial that family members involved in the transfer execute a written agreement that unambiguously delineates the transfer’s terms. If the real estate is gifted to a family member, a Deed of Gift is required to serve as proof of the gift.
A family transfer involves transferring property ownership within a family, which can be crucial for estate planning, gifting, or restructuring ownership.
We assist in drafting and reviewing transfer agreements, ensuring compliance with legal standards, and managing the documentation process.
